Canoe Financial LP Sells 506,500 Shares of Range Resources Corporation (NYSE:RRC)

Canoe Financial LP reduced its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 17.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,405,009 shares of the oil and gas exploration company's stock after selling 506,500 shares during the quarter. Range Resources comprises about 1.5% of Canoe Financial LP's investment portfolio, making the stock its 28th largest holding. Canoe Financial LP owned 1.00% of Range Resources worth $94,483,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Smartleaf Asset Management LLC increased its position in shares of Range Resources by 87.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company's stock valued at $37,000 after purchasing an additional 471 shares during the period. Headlands Technologies LLC acquired a new position in Range Resources during the fourth quarter worth about $42,000. Fifth Third Bancorp grew its holdings in Range Resources by 20.6% during the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after acquiring an additional 355 shares during the period. Blue Trust Inc. raised its position in Range Resources by 105.2% in the fourth quarter. Blue Trust Inc. now owns 2,788 shares of the oil and gas exploration company's stock worth $100,000 after acquiring an additional 1,429 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in Range Resources by 124.9% in the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock valued at $103,000 after acquiring an additional 1,434 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Insider Buying and Selling

In other Range Resources news, CEO Dennis Degner sold 35,850 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total value of $1,449,057.00. Following the sale, the chief executive officer now owns 58,431 shares of the company's stock, valued at $2,361,781.02. This trade represents a 38.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Reginal Spiller sold 4,200 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total value of $168,672.00. Following the transaction, the director now owns 13,663 shares of the company's stock, valued at approximately $548,706.08. This trade represents a 23.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,080 shares of company stock worth $2,984,479. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on RRC. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $42.00 target price on shares of Range Resources in a report on Friday, April 11th. Wall Street Zen downgraded Range Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. JPMorgan Chase & Co. raised Range Resources from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $43.00 to $45.00 in a research note on Thursday, March 13th. Bank of America boosted their target price on Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Piper Sandler upped their target price on Range Resources from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $41.95.

Range Resources Stock Up 1.3%

RRC stock traded up $0.56 during trading hours on Tuesday, hitting $41.94. The company's stock had a trading volume of 2,010,659 shares, compared to its average volume of 2,518,560. The stock has a 50 day moving average price of $37.91 and a two-hundred day moving average price of $37.51. Range Resources Corporation has a 12 month low of $27.29 and a 12 month high of $43.50. The company has a market capitalization of $10.02 billion, a PE ratio of 37.44, a price-to-earnings-growth ratio of 0.34 and a beta of 0.63. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.28.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Friday, June 13th. Range Resources's payout ratio is 32.14%.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.